NYSE · Basic Materials

Southern Copper Corporation

SCCO · Copper

$166.76

▼ -4.42 (-2.58%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Southern Copper Corporation at $166.76.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 53.6%

Operating Margin 52.2%

Net Income Margin 32.3%

Fin. Health C

Years to Pay Off Debt 1.7 yrs

Working Capital vs Long-Term Debt -$543M

Working Capital $6.2B

Valuation F

Margin of Safety 0.0%

Price-to-Book 12.48x

Cash Flow B

Free Cash Flow $3.4B

CapEx % of Net Income 30.6%

Owner Earnings $6.5B

5/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $137.8B

Enterprise Value $144.6B

P/E (TTM) 27.93

Dividend Yield 1.93%

Exchange NYSE

Key Margins

Gross Profit 53.6%

Operating Margin 52.2%

Net Margin 32.3%

Company Info

Sector Basic Materials

Industry Copper

Employees 16617

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Southern Copper Corporation at $166.76.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $166.76, the stock trades at a 322% premium to its Graham Number of $39.52. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Southern Copper Corporation

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Mexico, the United States, Peru, Brazil, Chile, and Other American countries. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of copper-molybdenum concentrates and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of copper, molybdenum, zinc, silver, gold and lead. It operates the Toquepala and Cuajone open-pit mines, smelter, and refinery in Peru; La Caridad, an open-pit copper mine, as well as copper ore concentrator; and SX-EW plant, a smelter, refinery, and rod plant in Mexico. The company also operates Buenavista, an open-pit copper mine, as well as copper concentrators and operating SX-EW plants in Mexico. In addition, it operates underground mines that produce zinc, lead, copper, silver, and gold; coal mine; and zinc refinery. The company has interests in 164,805 hectares and 505,788 hectares of concessions in Peru and Mexico; and 98,634 hectares and 28,453 hectares of exploration concessions in Argentina and Chile. Southern Copper Corporation was formerly known as Southern Peru Copper Corp. and changed its name to Southern Copper Corporation in July 1996. The company was incorporated in 1952 and is based in Phoenix, Arizona. Southern Copper Corporation operates as a subsidiary of Americas Mining Corporation.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	53.6% ▲	50.3%	44.2%	45.8%
Operating Margin %	52.2% ▲	48.6%	42.4%	44.1%
Net Income %	32.3% ▲	29.5%	24.5%	26.3%
Diluted EPS	5.20 ▲	4.14	2.94	3.19

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$21.4B	$18.7B	$16.7B	$17.3B	N/A
Total Debt	$7.4B ↑	$7.0B	$7.0B	$7.1B	N/A
Working Capital	$6.2B ▲	$3.9B	$3.0B	$4.0B	N/A
Years to Pay Debt	1.71	2.07	2.90	2.69	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$3.4B ▲	$3.4B	$2.6B	$1.9B	N/A
Owner Earnings	$6.5B	$5.2B	$4.3B	$4.4B	N/A
CapEx % of Net Income	30.6%	30.4%	41.6%	35.9%	N/A

Income Statement

	2025	2024	2023	2022
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	8,022,000	6,537,400	5,116,100	5,384,200
Net Income From Continuing Operation Net Minority Interest	4,334,900	3,376,800	2,425,200	2,638,500
Reconciled Depreciation	868,400	845,900	833,600	796,300
Reconciled Cost Of Revenue	6,227,600	5,687,300	5,521,300	5,445,400
EBITDA	8,022,000	6,537,400	5,116,100	5,384,200
EBIT	7,153,600	5,691,500	4,282,500	4,587,900
Net Interest Income	-169,600	-202,700	-240,100	-305,100
Interest Expense	369,300	334,100	326,700	340,100
Interest Income	199,700	131,400	86,600	35,000
Normalized Income	4,334,900	3,376,800	2,425,200	2,638,500
Net Income From Continuing And Discontinued Operation	4,334,900	3,376,800	2,425,200	2,638,500
Total Expenses	6,418,200	5,878,700	5,703,500	5,612,100
Total Operating Income As Reported	7,001,700	5,554,700	4,192,300	4,435,800
Diluted Average Shares	833,626	815,588	826,023	826,023
Basic Average Shares	833,626	815,588	826,023	826,023
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	4,334,900	3,376,800	2,425,200	2,638,500
Net Income Common Stockholders	4,334,900	3,376,800	2,425,200	2,638,500
Net Income	4,334,900	3,376,800	2,425,200	2,638,500
Minority Interests	-13,300	-11,800	-9,500	-9,500
Net Income Including Noncontrolling Interests	4,348,200	3,388,600	2,434,700	2,648,000
Net Income Continuous Operations	4,348,100	3,388,600	2,434,700	2,648,000
Earnings From Equity Interest Net Of Tax	34,000	6,400	-2,200	-3,700
Tax Provision	2,470,200	1,975,200	1,518,900	1,596,100
Pretax Income	6,784,300	5,357,400	3,955,800	4,247,800
Other Income Expense	-47,700	5,500	3,600	117,100
Other Non Operating Income Expenses	-47,700	5,500	3,600	117,100
Net Non Operating Interest Income Expense	-169,600	-202,700	-240,100	-305,100
Interest Expense Non Operating	369,300	334,100	326,700	340,100
Interest Income Non Operating	199,700	131,400	86,600	35,000
Operating Income	7,001,800	5,554,700	4,192,300	4,435,800
Operating Expense	190,600	191,400	182,200	166,700
Selling General And Administration	137,800	130,500	127,200	125,000
Gross Profit	7,192,400	5,746,100	4,374,500	4,602,500
Cost Of Revenue	6,227,600	5,687,300	5,521,300	5,445,400
Total Revenue	13,420,000	11,433,400	9,895,800	10,047,900
Operating Revenue	13,420,000	11,433,400	9,895,800	10,047,900

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	66,055	98,433	119,117	119,130
Ordinary Shares Number	826,065	826,053	826,036	826,025
Share Issued	892,119	924,486	945,154	945,155
Net Debt	2,446,100	3,000,200	5,103,100	4,181,500
Total Debt	7,413,500	6,997,700	7,030,000	7,102,600
Tangible Book Value	10,988,600	9,121,800	7,364,900	8,029,100
Invested Capital	17,788,800	15,429,900	13,672,700	14,335,400
Working Capital	6,207,400	3,926,200	3,041,000	3,952,000
Net Tangible Assets	10,988,600	9,121,800	7,364,900	8,029,100
Capital Lease Obligations	662,800	739,400	775,400	851,400
Common Stock Equity	11,038,100	9,171,600	7,418,100	8,084,200
Total Capitalization	17,788,800	14,930,100	13,672,700	14,335,400
Total Equity Gross Minority Interest	11,104,900	9,238,200	7,481,200	8,146,900
Minority Interest	66,800	66,600	63,100	62,700
Stockholders Equity	11,038,100	9,171,600	7,418,100	8,084,200
Other Equity Interest	100	100
Gains Losses Not Affecting Retained Earnings	8,300	-2,200	-8,000	-9,000
Other Equity Adjustments	8,300	-2,200	-8,000	-9,000
Treasury Stock	2,034,200	2,700,700	3,149,000	3,107,600
Retained Earnings	5,797,200	6,839,600	7,033,500	7,702,300
Additional Paid In Capital	7,257,900	5,026,000	3,532,800	3,489,700
Capital Stock	8,800	8,800	8,800	8,800
Common Stock	8,800	8,800	8,800	8,800
Total Liabilities Net Minority Interest	10,276,500	9,475,300	9,244,100	9,130,500
Total Non Current Liabilities Net Minority Interest	8,131,400	7,227,200	7,855,600	7,894,800
Other Non Current Liabilities	105,700	35,600	66,200	82,400
Tradeand Other Payables Non Current	97,100	104,900	92,700	40,600
Non Current Deferred Liabilities	130,500	124,500	132,200	161,200
Non Current Deferred Taxes Liabilities	130,500	124,500	132,200	161,200
Long Term Debt And Capital Lease Obligation	7,327,000	6,416,100	6,952,000	7,025,300
Long Term Capital Lease Obligation	576,300	657,600	697,400	774,100
Long Term Debt	6,750,700	5,758,500	6,254,600	6,251,200
Long Term Provisions	471,100	546,100	612,500	585,300
Current Liabilities	2,145,100	2,248,100	1,388,500	1,235,700
Other Current Liabilities	100	100
Current Debt And Capital Lease Obligation	86,500	581,600	78,000	77,300
Current Capital Lease Obligation	86,500	81,800	78,000	77,300
Current Debt		499,800			299,700
Other Current Borrowings		499,800			299,700
Payables And Accrued Expenses	2,058,500	1,666,400	1,310,500	1,158,400
Current Accrued Expenses	562,600	416,000	379,600	362,700
Interest Payable	115,000	97,100	97,100	97,100
Payables	1,495,900	1,250,400	930,900	795,700
Total Tax Payable	634,400	635,200	278,300	138,100
Income Tax Payable	634,400	635,200	278,300	138,100
Accounts Payable	861,500	615,200	652,600	657,600
Total Assets	21,381,400	18,713,500	16,725,300	17,277,400
Total Non Current Assets	13,028,800	12,539,200	12,295,800	12,089,700
Other Non Current Assets	1,462,700	1,369,300	1,243,000	1,158,900
Non Current Deferred Assets	336,300	310,600	256,100	237,300
Non Current Deferred Taxes Assets	336,300	310,600	256,100	237,300
Investments And Advances	134,500	111,900	108,200	110,800
Long Term Equity Investment	134,500	111,900	108,200	110,800
Goodwill And Other Intangible Assets	49,500	49,800	53,200	55,100
Other Intangible Assets	7,600	7,900	11,300	13,200
Goodwill	41,900	41,900	41,900	41,900
Net PPE	11,045,800	10,697,600	10,635,300	10,527,600
Accumulated Depreciation	-11,210,400	-10,547,600	-10,066,600	-9,561,900
Gross PPE	22,256,200	21,245,200	20,701,900	20,089,500
Construction In Progress	1,822,500	1,579,100	1,664,800	1,747,000
Other Properties	700,800	739,500	775,400	851,400
Buildings And Improvements	18,778,200	18,013,500	17,439,300	16,718,300
Land And Improvements	377,500	340,100	277,500	275,400
Current Assets	8,352,500	6,174,300	4,429,500	5,187,700
Other Current Assets	31,400	31,500	38,100	44,400
Prepaid Assets	331,200	346,700	395,400	377,600
Inventory	1,058,100	1,048,900	1,016,900	1,013,900
Other Inventories	238,600	217,300	230,900	259,700
Finished Goods	68,300	55,900	68,800	78,500
Work In Process	327,900	343,800	313,000	330,500
Raw Materials	423,300	431,900	404,200	345,200
Receivables	2,022,600	1,243,800	1,228,300	1,473,800
Other Receivables				79,700	87,900
Accounts Receivable	2,022,600	1,243,800	1,228,300	1,473,800
Cash Cash Equivalents And Short Term Investments	4,909,200	3,503,400	1,750,800	2,278,000
Other Short Term Investments	604,600	245,300	599,300	208,300
Cash And Cash Equivalents	4,304,600	3,258,100	1,151,500	2,069,700

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	3,426,800	3,394,400	2,564,500	1,854,000
Repayment Of Debt	-500,000	0	0	-300,000
Issuance Of Debt	993,800	0	0		0
Capital Expenditure	-1,325,300	-1,027,300	-1,008,600	-948,500
Interest Paid Supplemental Data	388,200	369,700	369,700	380,200
Income Tax Paid Supplemental Data		1,590,800	1,434,000	2,391,500	1,947,100
End Cash Position	4,304,600	3,258,100	1,151,500	2,069,700
Beginning Cash Position	3,258,100	1,151,500	2,069,700	3,002,000
Effect Of Exchange Rate Changes	-13,700	3,400	8,300	-57,000
Changes In Cash	1,060,200	2,103,200	-926,500	-875,300
Financing Cash Flow	-2,007,200	-1,645,200	-3,101,200	-3,011,000
Cash Flow From Continuing Financing Activities	-2,007,300	-1,645,100	-3,101,200	-3,011,000
Net Other Financing Charges	-15,900	-8,000	-8,800	-5,200
Cash Dividends Paid	-2,485,100	-1,637,200	-3,092,400	-2,705,800
Common Stock Dividend Paid	-2,485,100	-1,637,200	-3,092,400	-2,705,800
Net Issuance Payments Of Debt	493,800	0	0	-300,000
Net Long Term Debt Issuance	493,800	0	0	-300,000
Long Term Debt Payments	-500,000	0	0	-300,000
Long Term Debt Issuance	993,800	0	0		0
Investing Cash Flow	-1,684,600	-673,300	-1,398,400	-666,800
Cash Flow From Continuing Investing Activities	-1,684,600	-673,300	-1,398,400	-666,800
Net Other Investing Changes			1,200	3,200	-4,500
Net Investment Purchase And Sale	-359,300	354,000	-391,000	278,500
Sale Of Investment	1,694,300	965,800	417,700	764,700
Purchase Of Investment	-2,053,600	-611,800	-808,700	-486,200
Capital Expenditure Reported	-1,325,300	-1,027,300	-1,008,600	-948,500
Operating Cash Flow	4,752,100	4,421,700	3,573,100	2,802,500
Cash Flow From Continuing Operating Activities	4,752,200	4,421,800	3,573,100	2,802,500
Change In Working Capital	-512,700	238,700	310,000	-840,200
Change In Other Working Capital	-99,400	-42,400	-34,700	-79,100
Change In Payables And Accrued Expense	326,200	385,700	152,100	-718,000
Change In Inventory	22,100	-56,100	-60,400	-7,700
Change In Receivables	-761,600	-48,500	253,000	-35,400
Changes In Account Receivables	-761,600	-48,500	253,000	-35,400
Other Non Cash Items	61,800	-9,300	40,900	33,300
Deferred Tax	-33,900	-52,200	-59,100	118,600
Deferred Income Tax	-33,900	-52,200	-59,100	118,600
Depreciation Amortization Depletion	868,400	845,900	833,600	796,300
Operating Gains Losses	20,300	10,000	13,000	46,500
Earnings Losses From Equity Investments	-22,600	-3,700	2,600	4,600
Net Foreign Currency Exchange Gain Loss	42,900	13,700	10,400	41,900
Net Income From Continuing Operations	4,348,200	3,388,600	2,434,700	2,648,000

These metrics estimate what Southern Copper Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$39.52

Margin of Safety

Market Cap ÷ Company Value

1.60

P/B Ratio

12.48

Warren's Owner Earnings

$6.5B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/7 — Enterprising Investor

✅ Adequate Size

$13.4B

vs > $1.5B revenue

✅ Strong Financial Condition

3.89x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.93%

vs Uninterrupted dividends

✅ Earnings Growth

+62.8% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

27.9x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

12.48x P/B (P/E×P/B: 348.6)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-2.33

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$94.18

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	30.6%	30.4%	41.6%	35.9%	N/A
Repurchase of Capital Stock	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	$3.4B ▲	$3.4B ▲	$2.6B ▲	$1.9B •	N/A •
Warren's Owner Earnings	$6.5B	$5.2B	$4.3B	$4.4B	N/A

Peers & Industry

No auto-detected peers for Copper. You can manually compare SCCO against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

88.99%

High — management has strong skin in the game

Return on Equity (ROE)

39.3%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

20.3%

Strong — management uses assets efficiently

Debt Trend YoY

+5.9% YoY

Debt is roughly stable

Leadership Team

Engineer Leonardo Contreras Lerdo de Tejada

Interim CEO & Non-Independent Director

Age 39

Pay: $52,000

0.001% of net income

Raul Jacob Ruisanchez

VP of Finance, Treasurer & CFO

Age 67

Pay: $515,080

0.012% of net income

Juan Fernando Nunez Chavez

Vice President of Explorations

Age 66

Pay: $311,879

0.007% of net income

Patricio Ovejas Simon

Executive Vice President

Age 37

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	1.08%	8,892,784
Capital World Investors	0.78%	6,432,482
Price (T.Rowe) Associates Inc	0.44%	3,641,702
Neuberger Berman Group, LLC	0.36%	2,959,552
State Street Corporation	0.35%	2,886,573
Goldman Sachs Group Inc	0.34%	2,849,769
Fisher Asset Management, LLC	0.31%	2,557,786
Mirae Asset Global ETFs Holdings Ltd.	0.20%	1,691,741

Risk Analysis

Beta (Market Risk)

1.08

Moderate volatility — moves slightly more than market

Short Interest

11.7% of float

Moderate short interest

Debt-to-Equity

0.62x

Conservative balance sheet — low financial risk

Current Ratio

4.41x

Strong liquidity — Graham approved

52-Week Price Range

Low: $84.38 Current: $166.76 High: $223.89

Currently at 59% of 52-week range

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